天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-092 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司 第六届董事会第二十四次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2024 年 12 月 11 日，广州天赐高新材料股份有限公司（以下简称"公司"）第 六届董事会第二十四次会议以通讯方式召开。会议通知已于 2024 年 12 月 6 日送 达各位董事、监事及高级管理人员。应参加本次会议表决的董事 9 人，实际参加 本次会议表决的董事 9 人。本次会议的召集、召开程序均符合《中华人民共和国 公司法》和《公司章程》的规定。 本次董事会审议并通过了相关议案，形成决议如下： 一、审议通过了《关于制定<市值管理制度>的议案》 为加强上市公司市值管理工作，进一步规范公司的市值管理行为，维护公司、 投资者及其他利益相关者的合法权益，积极响应《上市公司监管指引第 10 号— —市值管理》中关于鼓励上市公司建立市值管理 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-093 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司 第六届监事会第十九次会议决议的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2024 年 12 月 11 日，广州天赐高新材料股份有限公司（以下称"公司"）第 六届监事会第十九次会议以通讯方式召开。会议通知已于 2024 年 12 月 6 日送达 各位监事。应参加本次会议表决的监事 3 人，实际参加本次会议表决的监事 3 人。本次会议的召集、召开程序均符合《中华人民共和国公司法》和《公司章程》 的规定。 本次监事会审议并通过了相关议案，并形成决议如下： 一、审议通过了《关于部分募投项目结项并将节余募集资金永久补充流动资 金的议案》 经核查，公司监事会成员一致认为，公司公开发行可转换债券部分募投项目 结项并使用节余募集资金永久补充流动资金，可以最大限度发挥募集资金的使用 效率，降低公司财务费用，提升公司经营效益，符 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-095 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司 关于部分募投项目结项并将节余募集资金永久补充流 动资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 募集资金概况 （一）募集资金基本情况 经中国证券监督管理委员会证监许可〔2022〕1883 号文核准，并经深圳证券 交易所同意，公司获准向社会公开发行 A 股可转换公司债券 34,105,000 张，每 张面值 100 元，发行总额 341,050.00 万元，募集资金总额为 3,410,500,000.00 元， 扣除发行费用后，募集资金净额为 3,395,079,452.82 元。上述募集资金净额已经 致同会计师事务所（特殊普通合伙）致同验字（2022）第 110C000572 号《验资 天赐材料（002709） 报告》验证。公司已经对募集资金采取了专户存储。 （二）募集资金承诺投资项目情况 截至 20 ...

广州天赐高新材料股份有限公司 关于为子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-091 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司（以下简称"公司"）于 2024 年 3 月 22 日召 开第六届董事会第十五次会议、2024 年 4 月 16 日召开 2023 年度股东大会审议 通过了《关于 2024 年度向子公司提供担保额度的议案》。根据子公司的生产经营 和资金需求情况，公司为子公司的银行融资及项下债务、供应商申请信用账期等 业务提供担保，该等形式提供担保的总额不超过人民币 60 亿元，其中对资产负 债率小于等于 70%的子公司总担保额额度不超过人民币 40 亿元，对资产负债率 超过 70%的子公司担保额度为不超过人民币 20 亿元，财务部可根据各公司资金 需求情况及各银行业务特点做适当调整。 2024 年 12 月 9 日， ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-090 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司 关于为子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 广州天赐高新材料股份有限公司（以下简称"公司"）于 2024 年 3 月 22 日召 开第六届董事会第十五次会议、2024 年 4 月 16 日召开 2023 年度股东大会审议 通过了《关于 2024 年度向子公司提供担保额度的议案》。根据子公司的生产经营 和资金需求情况，公司为子公司的银行融资及项下债务、供应商申请信用账期等 业务提供担保，该等形式提供担保的总额不超过人民币 60 亿元，其中对资产负 债率小于等于 70%的子公司总担保额额度不超人民币 40 亿元，对资产负债率超 70%的子公司担保额度为不超人民币 20 亿元，财务部可根据各公司资金需求情 况及各银行业务特点做适当调整。 2024 年 12 月 3 日，公司与汇 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2024-089 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广州天赐高新材料股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日 召开的第六届董事会第二十三次会议、第六届监事会第十八次会议审议通过了 《关于回购公司股份方案的议案》，同意公司以自有资金和自筹资金（含商业银 行回购专项贷款等）通过集中竞价交易方式回购部分公司股票，并将该回购股票 用于后期公司管理层和核心骨干员工实施股权激励或员工持股计划。回购总金额 不低于人民币 1.20 亿元（含）且不超过人民币 1.60 亿元（含），回购价格不超过 人民币 25 元/股（含）,实施期限为董事会审议通过回购股份方案之日起 12 个月 内。具体内容详见公司于 2024 年 11 月 15 日在巨潮资讯网披露的《关于回购公 司股份方案的公告》（公 ...

Group 1: Market Trends and Pricing - Recent price adjustments for lithium hexafluorophosphate (LiPF6) have been observed, attributed to increased demand during peak seasons, with major manufacturers operating at high capacity [1] - The company anticipates a rational price recovery for LiPF6, avoiding extreme fluctuations [1] - The overall industry is experiencing low operating rates and profitability, with new entrants facing slow construction and operational plans [4] Group 2: Production and Demand Outlook - The company expects strong downstream demand for electrolyte production in Q4 2024, maintaining a high production level [1] - The addition ratio of lithium bis(fluorosulfonyl)imide (LiFSI) is currently around 2%, projected to increase with the growing popularity of fast-charging batteries [4] - The company plans to establish a pilot production line for solid-state electrolytes by 2025, focusing on cost advantages and material technology validation [3] Group 3: Strategic Developments - The company is enhancing its competitive edge in cathode materials, particularly with its iron phosphate products, which benefit from a cost-effective recycling system [3] - Ongoing projects in North America and Morocco are on schedule, with a projected annual production capacity of 200,000 tons of electrolyte in the U.S. by 2026 [3] - The company is actively working on optimizing its production processes, especially in recycling iron phosphate technology [3]

Summary of Conference Call for Tianqi Materials Industry Overview - The lithium hexafluorophosphate (LiPF6) production is currently at 6,000-6,500 tons per month, with high capacity utilization. New capacity release is limited, and supply is expected to remain tight in 2024, keeping prices high [2][3][4]. - The electrolyte market demand is robust, projected to reach 1.8-1.9 million tons in 2024, with leading companies operating at full capacity. The overall growth rate is expected to be between 25%-30% [2][3][4]. - Downstream customer expectations for electrolyte demand in the coming months are positive, with production stabilizing above 50,000 tons in Q4 2023 and further growth anticipated in Q1 2024 [2][5]. Key Points on Lithium Hexafluorophosphate and Electrolyte - The current production capacity for LiPF6 is approximately 200,000 tons, with a total capacity of 110,000 tons. The top three companies are expected to operate at full capacity, leading to tight supply conditions [3][4]. - The price of LiPF6 is projected to rise to 62,000-65,000 CNY per ton in the short term, driven by processing fees rather than lithium carbonate prices [13][30]. FSI (Fluoroethylene Sulfonamide) Insights - FSI penetration is increasing, with 60% of sales formulations containing FSI. The expected usage in 2024 is around 18,000 tons [6][7]. - FSI prices are expected to fluctuate in line with LiPF6 prices, but the increase will be relatively smaller [2][6]. Solid-State Electrolyte Development - The company is actively developing solid-state electrolytes using a liquid-phase method to synthesize aluminum sulfide, aiming to reduce costs to 200,000-250,000 CNY per ton [2][8]. - The company has established a scalable production process and aims to commercialize the sulfide route for solid-state batteries [8][11]. Circular Economy and Recycling Initiatives - The company is building a circular industry chain, including lithium iron phosphate battery recycling and waste battery processing, to enhance profitability and competitiveness [2][18][19]. - A demonstration line for lithium iron phosphate batteries has been established, with a recycling capacity of 50,000 tons of waste batteries, achieving over 60% recovery rate for lithium carbonate [19][21]. Phosphate Iron Business Outlook - The company plans to sell 200,000 tons of lithium iron phosphate in 2024, with ongoing technical improvements to enhance production efficiency and reduce costs [2][20]. - The company has achieved cash flow break-even and aims to balance production and sales, with a focus on improving the compression density of lithium iron phosphate [20][22]. Market Dynamics and Future Projections - The European market is expected to perform better than anticipated, potentially impacting overall demand positively [26]. - The implementation of trade-in policies may lead to upward price risks, as initial expectations of a downturn may not materialize [27]. - The company anticipates that prices will not exceed 100,000 CNY per ton, as excessively high prices could disrupt market stability [28][30]. Conclusion - The company is well-positioned in the lithium and electrolyte markets, with strategic initiatives in solid-state technology and recycling that could enhance its competitive edge. The outlook for 2024 remains optimistic, with strong demand and pricing trends expected to support growth.

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company reported Q3 2024 revenue of 3.413 billion yuan, a year-on-year decrease of 17.52%, and a net profit attributable to shareholders of 101 million yuan, down 78.25% year-on-year [2]. - The company's gross margin for Q3 2024 was 17.90%, slightly down by 0.38 percentage points, primarily due to the decline in electrolyte prices [3]. - The company is advancing its global layout, with projects in the US and Morocco expected to enhance customer reach and contribute to growth by 2026 [3]. - The company is investing in new technologies, including solid-state electrolyte technology, which is expected to begin pilot production by 2025 [3]. Financial Summary - For 2024-2026, the company is projected to achieve net profits of 451 million, 1.332 billion, and 2.055 billion yuan, respectively, with corresponding P/E ratios of 100.6, 34.0, and 22.1 times based on the closing price on November 13, 2024 [4]. - The company’s total revenue for the first three quarters of 2024 was 8.863 billion yuan, a decrease of 26.90% year-on-year [2]. - The projected revenue for 2024 is 12.214 billion yuan, with a year-on-year decline of 20.7%, followed by a recovery in 2025 with a growth of 37.5% [5].